There are a couple of reasons in regards to your paragraph there
1st is directors have a lot more insight into the future than anyone else, their finger is on the pulse. It is one thing to take a bit of a profit its another ball game go and sell most of your shares. They are on a dang good wage and bonuses ususually, If there was more money to be made holding the shares why would you not hold? It would be crazy to sell so many.
Point 2 is the old buy the rumour sell the news, achieving first produuctioin was selling the news. Given they exited near the top what a win that was eh
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